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Report: SL Green, Apollo funds help recapitalize Savanna's NYC office building

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Report: SL Green, Apollo funds help recapitalize Savanna's NYC office building

SL Green Realty Corp., Apollo Global Management Inc. and Junius Real Estate Partners participated in the $880 million recapitalization of Savanna Investment Management LLC's One Court Square office building in New York City's Long Island City neighborhood, Commercial Observer reported, citing sources familiar with the transaction.

The office landlord provided $100 million in subordinate debt, while funds managed by Apollo provided a $580 million senior loan. Junius, which is an investment unit of J.P. Morgan Asset Management, provided the $200 million balance, which was converted to a preferred equity stake from a previous ownership position.

The financing replaces the $315 million commercial mortgage-backed securities loan originated by Natixis that was set to mature in September.

Cushman & Wakefield handled the equity part of the deal in 2019, while JLL represented Savanna in the debt negotiations, the publication wrote, citing deal sources.

Earlier in 2019, e-commerce giant Amazon.com Inc. backed out of its intention to lease 1 million square feet of office space in the 50-story building as part of its plans to establish a headquarters in New York City, the publication noted.

Apollo representatives did not immediately answer inquiries sent by the publication, while SL Green officials were not immediately available for comment. A Junius spokeswoman and Savanna officials did not comment on the matter, according to Commercial Observer.